Wynn Resorts, Limited (NASDAQ:WYNN) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM ET

Company Participants

Julie Cameron-Doe - Chief Financial Officer
Craig Billings - Chief Executive Officer
Brian Gullbrants - Chief Operating Officer, North America

Conference Call Participants

Carlo Santarelli - Deutsche Bank
Joe Greff - JPMorgan
Shaun Kelley - Bank of America
Dan Politzer - Wells Fargo
Stephen Grambling - Morgan Stanley
David Katz - Jefferies
Robin Farley - UBS
Brandt Montour - Barclays
Chad Beynon - Macquarie

Operator

Welcome to the Wynn Resorts Second Quarter 2024 Earnings Call. All participants are on a listen-only mode until the question-and-answer session of today’s conference. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time.

I will now turn the line over to Julie Cameron-Doe, Chief Financial Officer. Please go ahead.

Julie Cameron-Doe

Thank you, operator. And good afternoon, everyone. On the call with me today are Craig Billings; and Brian Gullbrants in Las Vegas. Also on the line are Linda Chen, Frederic Luvisutto, and Jenny Holaday. I want to remind you that we may make forward-looking statements under Safe Harbor federal securities laws and those statements may or may not come true.

I will now turn the call over to Craig Billings.

Craig Billings

Thanks, Julie. Good afternoon. As always, thank you for joining us today. I want to start by saying thank you to my nearly 28,000 colleagues here at Wynn Resorts for delivering yet another record quarter. In this case, the best second quarter EBITDA in the history of the company at $572 million. Record quarters like this one further strengthen our conviction when deploying capital, whether through CapEx or share repurchases like those we executed in the second quarter and into the third quarter.

Wynn Las Vegas delivered $230 million of adjusted property EBITDAR, a second quarter record and up 3% year-on-year on yet another very difficult comp, taking trailing 12-month EBITDAR to nearly $970 million. The quarter was led by 16% growth in hotel revenue along with 8% growth in slot handle and healthy table drop in the casino. Wynn Las Vegas continues to have the top-performing team here in Vegas. More recently, demand has remained healthy in 3Q with RevPAR up and slot handle broadly in line year-on-year during July, despite this year having two fewer weekend days.

Turning to Boston. Encore generated $62 million of EBITDAR during the quarter. Lower-than-normal table hold, masked what was actually a strong quarter across the property with record slot handle, strong table drop and record RevPAR in the hotel. More recently, demand has remained healthy through July with table drops, slot handle and RevPAR all up on a tough year-on-year comp.